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Cabinet officials

Energy Interconnectivity between Europe and Egypt: Key Takeaways and Statistics

Strategic Insights

— 2 min read

The Embassy of Sweden and the European Union Delegation to Egypt hosted an event on May 9th, 2023, focusing on energy interconnectivity between Europe and Egypt. The event highlighted policies, priorities, and financial instruments to support energy transition and the linking of Europe and Egypt in this field. Key stakeholders, including ambassadors, ministers, and policymakers, emphasized the importance of energy interconnectivity in boosting economic growth, promoting sustainable energy, and addressing the global energy crisis.

Key Takeaways:

  • The European Union has vast knowledge and resources to share, with over 40% of global public climate money provided through its Member States.
  • Egypt is well-positioned to supply sustainable energy to Europe, with ambassador Håkan Emsgård stating that connecting Egypt and Europe is the "obvious way forward."
  • The European Union has been a key partner in the Egyptian energy sector, with a long-term relationship established since the 2018 signing of a Strategic Cooperation MOU in the field of energy.
  • Minister Tarek El Molla emphasized Egypt's vision to play a key role in the flow of global energy trade and promote a better business link environment.
  • The country has proved that it holds the keys to being a regional hub for gas and oil through its strategic location, well-established energy industry, and strong infrastructure.
  • Strengthening partnerships in the field of renewable energy, green hydrogen, and achieving interconnection is a priority for Egypt, based on its Sustainable Energy Strategy 2035.
  • The "Nowafi" program has been launched to stimulate green investment in the fields of water, food, and energy, while the Mediterranean hydrogen partnership is funded by a European Grant.
  • The European Investment Bank (EIB) and ALEXBANK have signed a loan agreement under the framework of the first Green Economy Financing Facility (GEFF).
  • Engineer Tarek El Molla stressed the importance of energy security and energy neutrality, with Egypt aiming to promote a better business link environment.

Statistics:

  • Over 40% of global public climate money is provided by the European Union through its Member States (Christian Berger).
  • Egypt has a strong infrastructure in place to monetize its energy potential, with a well-established energy industry and strategic location in the eastern Mediterranean region (Tarek El Molla).
  • The European Union has become Egypt's largest trading partner since the signing of the MOU for Strategic Cooperation in the field of energy in 2018 (Tarek El Molla).
  • The "Nowafi" program has been launched to stimulate green investment in the fields of water, food, and energy, with a European Grant funding the Mediterranean hydrogen partnership (Rania Al-Mashat).
  • The European Investment Bank (EIB) and ALEXBANK have signed a loan agreement under the framework of the first Green Economy Financing Facility (GEFF) (APO Group).

Sources:

  • Ambassador Håkan Emsgård, Ambassador of Sweden to Egypt
  • Ambassador Christian Berger, Head of the European Union Delegation to Egypt
  • H.E. Minister Tarek El Molla, Minister of Petroleum and Mineral Resources
  • H.E. Minister Rania El Mashat, Minister of International Cooperation
  • European Union Delegation to Egypt
  • Delegation of the European Union to Egypt
  • APO Group
  • European Investment Bank (EIB)
  • ALEXBANK
  • Distributed by APO Group on behalf of Delegation of the European Union to Egypt.

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